A single cigarette that is "loose", as opposed to tightly packed with 19 other cigarettes in a pack.
Since cigarettes are usually sold in packs of 20 for ridiculous prices, shop owners have taken to selling single, "loose" cigarettes rather than whole packs.

I only had a jackson for the whole week so I only bought a couple loosey's.

A term for a single or "loose" cigarrette. Usually used at corner stores, bodega's and chinese restaurants in the hood. Primarily those who purchase loose cigarrettes which cost 25 cents, do so because they are poor and can't afford to purchase and entire pack at any given moment.

Yo man let me get a loosey.
Yo papi gimme two looseys real quick.
How many loosey's can I get wit a dollar.